Bank of Melbourne Personal Loans

Compare Bank of Melbourne personal loans and rates

The table below displays a snapshot of Bank of Melbourne’s secured personal loan products and rates on Canstar’s database, sorted by Star Rating (highest to lowest). Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in VIC.

What can you use Bank of Melbourne’s personal loans for?

A personal loan with Bank of Melbourne can be used for many important life events, such as:

Buying a car

Debt consolidation

Holidays

Home renovations

Weddings

Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with Bank of Melbourne could give you access to more money to pay for these major life events.

Check the product disclosure statement (PDS) from Bank of Melbourne to see what you can and can’t take out a personal loan for.

Bank of Melbourne FAQs

The loan terms of Bank of Melbourne’s personal loan products vary depending on the product in question. Their variable rate personal loans offer a flexible loan term of 1-7 years, whereas their fixed rate personal loans offer a flexible loan term of 1-5 years.

There are a number of fees to be aware of when taking out a personal loan with Bank of Melbourne:

Establishment fee – $195

Administration fee – $12 per month

$150 early repayment fee if you pay off your loan within 12 months of taking it out

$100 early repayment fee if you pay off your loan after the first 12 months but before the end of your loan term

$10 redraw fee on variable loans

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if Bank of Melbourne’s fees are more or less what the average customer is paying.

Applying for a Bank of Melbourne personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with Bank of Melbourne (or most providers in Australia for that matter), you generally need to meet the following criteria:

You must be 18 years or old

You must live in Australia

You must be an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA

Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)

Show an ability to afford your loan repayments

Take out a loan of at least $3,000

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

Bank of Melbourne was founded in 1989 and has 106 branches exclusively in the state of Victoria. In 2015, Bank of Melbourne was recognised for the second time as the Regional Bank of the Year at the Financial Review Smart Investor Blue Ribbon Awards.

The Bank of Melbourne supports the community groups their customers choose, by providing The Local Project grants to the deserving community projects that win the most votes. You can also apply for a community grant through the Neighbourhood Fund. Bank of Melbourne also sponsors the Sleep at the G fundraising event for Melbourne City Mission, to combat homelessness in Victoria.

Check out their Melbourne Made ad campaign that celebrates the Victorian people and businesses who bank with them:

Source: Bank of Melbourne

The Bank of Melbourne’s parent company, Westpac, is also committed to sustainability and protecting our environment, with their 2016 Interim Sustainability Report listing measures such as:

Carbon neutral as of 2013 and maintaining that status.

Halved their electricity usage in commercial and retail sites from 2015 levels.

Halved their total greenhouse gas emissions in commercial and retail sites from 2015 levels.

More than $6.3 billion lent per year to the CleanTech and environmental services sector.

More than $1.05 billion lent to the social and affordable housing sector.

Compare Personal Loans

Related

The Star Ratings in this table were awarded in November 2017. Data is updated daily. Current rates and fees are displayed and may be different to what was rated. The initial table display is sorted by Star Rating and then alphabetically by company. The table can be sorted by rate and repayments. The search results do not include all providers and may not compare all features relevant to you. View the CANSTAR Personal & Car Loan Star Ratings Methodology and full report. The rating shown is only one factor to take into account when considering products. The products and star ratings displayed for each product in the table may not match your specific inputs in the selector. The star ratings displayed are those whose methodology most closely matches your inputs. In some cases, the methodology uses profiles comprising categories or bands eg. income, loan amounts, monthly spend. In other cases, a single methodology (without any categories or bands) is applied. For more information, read our detailed disclosure, important notes and additional information. *Read the Comparison Rate Warning.

Sponsored products displayed are paid advertisements and do not form part of the search results.

This advice is general and has not taken into account your objectives, financial situation, or needs. Consider whether this advice is right for you. Consider the product disclosure statement (PDS) before making any financial decision. For more information, read Canstar’s Financial Services Guide (FSG).

Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decided to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the product disclosure statement (PDS), Canstar’s Financial Services Guide (FSG), detailed disclosure, important notes and liability disclaimer.

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Statistics referenced on this page have been verified by Canstar Research. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.